If you want cool traditions, it doesn't get much better than Halloween and Christmas. One gets you candy for looking ugly and incoherently babbling a meaningless phrase to strangers, and the other gets you toys even though you were actually naughty, not nice. Unfortunately, growing up means ugliness and naughtiness yield far fewer rewards. Responsible for giving handouts instead of receiving them, those traditions that used to be so cool now suck. Damn.

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Year One apparently knows this too and decided to counter with a tradition of its own that doesn't discriminate against grownups. Why else would the company build such killer show car-caliber street machines to debut on Power Tour each of the past few years for gearheads to devour? First there was the LS1-powered '69 Camaro convertible, then the silver-and-red Pro Touring/Pro Street conglomerate '67 Chevelle. For 2004, the company busted out its most wicked creation yet: this '65 Mustang fastback stuffed, literally, with a late-model Cobra motor.

3/10While the Mustang's inspiration was A/FX, the vibe is distinctly Pro Touring. Similarly, the Budnik Famosa wheels may be named for the site of the legendary March Meet, but no retro Fueler ever ran 17-inch billets. This scene is inside the Year One warehouse.

During the project's bench-racing phase, Year One's design team-(take a ciggie break here) Phil Brewer Jr., Dennis Roberts, Jeff Georges, Jimmy Kerlin, Kevin Orr, Brad Brand, Barry Wood, and Johnny McDonald-set out to build a street machine that would blend nostalgia with cutting-edge technology to exude a traditional yet youthful flair while looking good in the process. A little over a year ago, they scored a 289-powered fastback in fair condition and promptly got hackin'. "The idea behind the car was to mimic the '66 A/Factory Experimental Mustangs. That's the shadow behind the car, which had a SOHC motor in it," explains Roberts. Although the vehicle's inspiration was a drag-race machine, handling and street manners were of equal importance. In short, it's about as close as you can get to a modern Mustang in a delicious classic fastback wrapper as, well, buying the new '05 Mustang when it hits dealer lots. Only this one's way faster and, let's face it, has loads more character.

Paying homage to the A/FX 'Stang's 427 SOHC mill, Year One opted for Ford Mod motor power, but with twice as many camshafts and a huffer as per the '03/'04 Mustang Cobra. With the small pulley on the Kenne Bell blower snout, power peaks at roughly 650 to the tires-not surprising considering Cobras routinely run in the 10s with just the simplest of bolt-ons. Despite its QA1 coilovers at the corners, four-link, and BFG Drag Radials out back, Year One assures us that the car really shines through the snakey stuff. "This car is a dream to drive on the road course," says Roberts. "When we took it out to Road Atlanta for the photo shoot, I was a little bit nervous at first. But with the ideal seating position and the way the car is balanced, my goodness, it was a hoot. You could easily drive it with the back end if you wanted to."

4/10The 9-inch rearend rides in a Martz Chassis four-link. Note the driveshaft loop with integral holes for the exhaust.

While the performance components of the car take care of the high-tech part of the equation, it is in details where the old meets the new. A custom plenum moves the throttle body from the stock side-entry location of the blower to the rear, allowing an old-school Cobra air cleaner to bolt on top. At first glance, before you spot the fuel rails, it looks the part of a carbureted motor even though it squirts fuel electronically. Way cool. The carbon-fiber hood-a material far enough down the pipeline that it isn't likely to be widely used in production vehicles for quite some time-features a teardrop-shaped hump that follows the contours of the air lid, another tribute to the car after which it's built. Many a hideous import had us convinced that unpainted carbon-fiber bodywork can't be used tastefully, but this car proves us wrong. Dead wrong. Similarly, the modern Tremec T56 sports a long-handle chrome shifter and a black-ball knob growing out the top of its case, looking more like an older four-speed than something with two overdrive cogs. Very trick, and to the casual observer, very tricky to spot.

If you think part of the reason for building a car like this is to show off, you're absolutely right. Atlanta is famed for lush forestry, red clay, fuzzy peaches, and a baseball team that's managed to win 12 consecutive division titles yet brought home just one World Championship. If Year One's plans come to fruition, it will also be known for churning out high-end musclecar restifications. Says President Kevin King, "We want to bring to market a reputable firm that has parts and also builds cars. In our case, it brings more credence to Year One because we're using the parts that we sell." While Brewers Restoration and Performance did the bulk of the wrenching on the first two big Year One projects featured in past issues of HOT ROD, the Mustang was built within the company's own shop by its own people, and carries a Barris-like signature badge with the serial number YO109, signifying the ninth car executed by the company. Perhaps you could be the benefactor of YO110 as Year One goes into the car-building business.

5/10Auto Meter Cobalt gauges glow in the custom dash panel.

With all the big-name builders around these days, it sure sounds like an ambitious plan, but ambition is why this company exists in the first place. Back in the late '70s, Len Athanasiades voraciously scoured the depleted landscape high and low for parts to restore his '69 Firebird. Through his endeavors to transform it into a Trans Am clone, he earned a reputation for unearthing obscure treasures and began running a restoration parts business out of his basement to address a gaping void in the marketplace. His specialty in first-year Trans Ams-which is where the Year One moniker originates-soon expanded to envelop the entire musclecar spectrum. Now it's the largest reproduction parts manufacturer on earth. How's that for ambition?

Quick Inspection: '65 Ford MustangYear OneBraselton, GA

6/10Here you can see how the custom plenum relocates the 1,300-cfm Accufab throttle-body.

PowertrainEngine: Other than the Kenne Bell blower, the '03 SVT Cobra motor is fairly stock. To keep pace with the Metco pulleys spinning up 22 pounds of boost, ACCEL 55-lb/hr injectors, an Aeromotive regulator and rails, two Walbro internal pumps, and a F.A.S.T. standalone computer provide the extra fuel. Year One fabbed the 151/48-inch headers and dual 3-inch exhaust.Power: 650 rwhpTransmission: Behind a Ram clutch lies a Tremec T56 six-speed fortified with an input shaft out of a Viper.Rearend: The DynoTech driveshaft feeds a Moser Engineering 9-inch rearend with 3.73:1 gears and a Detroit Locker.

ChassisFrame: Lots of handiwork going on here. The rear has been minitubbed for additional tire clearance, and custom subframe connectors stretch from front to back.Suspension: Most notable is the Martz Chassis four-link out back with a massive rear sway bar for extra hook. Martz also provided the tubular front subframe, control arms, and Mustang II spindles. QA1 adjustable coilovers suspend the corners.Brakes: Stainless Steel 13-inch brakes front and rear.Wheels: Billet-aluminum Budnik Famosa wheels measure 17x7 front and 18x10 rear.Tires: Out back are Montana-wide P295/35R18 BFG g-Force Drag Radials. In the front are P215/14R17 g-Force T/As.

7/10Year One found the car in fair shape with 289 power.

StyleBody: Several elements combine to lend a subtle yet aggressive look. Hella driving lights hide behind the grille and a fiberglass spoiler is integrated into the rear deck. The AFX-inspired teardrop hump is integral to the bare carbon-fiber hood. The lower valance helps move air through the intercooler core. All the trim has been shaved.Paint: It's Ford Azure Blue and black applied by WillFab Rod Shop (Cornelia, GA).Interior: The doors open up to a cushy cocoon. Seats out of an '87 Mustang were restitched in matching blue and black upholstery complemented by a four-point harness. Auto Meter Cobalt gauges emit a proper blue hue at night. Sound-deadening Dynamat lines the floorboard covered by custom carpet. Vintage Air A/C and a Rockford Fosgate stereo system provide the frost and the sounds.